IFRS 17 Implementation Challenges and Roadmap
In the seminar on IFRS 17, experts discuss the end-to-end implementation journey, technical considerations, and challenges faced. Topics include data reconciliation, project governance, and upskilling requirements for Prophet modeling. The session provides insights into transitioning to the new standard and its implications on financial reporting.
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Presentation Transcript
WHY IS THIS IMPORTANT? Although this book is not the Bible, it does give sound advice about life Some of this advice can be applied spiritually in our daily lives My goal is to present the main ideas in the book, and apply them to our spiritual life
FORMULA FOR LIFE: Your life comes down to this formula: Your choices (decisions) + Behavior (actions) + Habit (repeated action) + Compound effect (time) = Goal
CHOICES (DECISIONS) The difference between becoming fabulously rich, happy and healthy or broke, depressed and unhealthy is the choices you make throughout your life. Ourlives are the mirror image of the decisionswe make each day. Want to improve your life? Improve your decisions / choices!
CHOICES (DECISIONS) How do you base your choices? Prov. 2:6 Prov. 3:5-8 Prov. 16:25; 19:21 Are we learning from past choices? Prov. 26:11 Are you thinking about your decisions prior? Prov.14:15; 27:12
BEHAVIOR (ACTIONS) If you say you are a dedicated professional, but yet you show up late and unprepared, your behavior rats you out every time. Actions speak louder than words! Mt. 7:15-20 Our behavior must be in accordance with God s Word!
BEHAVIOR (ACTIONS) Hebrews 10:26-27 Philippians 1:27 1 Timothy 4:12 James 3:13 1 Peter 2:12 2 Peter 3:11 1 Corinthians 6:9-11 1 Sam 18:14 1 Thess2:10; 3:13
HABIT (REPEATED ACTION) A routine is something you do every day without fail, so that eventually, like brushing your teeth or putting on your seatbelt, you do it without conscious thought. Just as investments compound over time, so do our daily actions. If they are good they take us down one path. If they are bad or destructive, they take us down a completely different path. Establishing the right habits will lead to an achieved goal! Do your habits drive you close to your spiritual goal? Further? Consistency is huge Your habits are learned; therefore, they can be unlearned.
HABIT (REPEATED ACTION) Our habits can make / break our souls We are called to: Romans 12:2 Ephesians 5:1 Hebrew 5:14
COMPOUND EFFECT (TIME) Compound Effect: It s the principle of reaping huge rewards from a series of small, smart choices. Success is earned in the moment to moment decisions that in themselves make no visible difference whatsoever, but the accumulated compounding effect is profound. We will reap an eternal reward from the series of our seemingly small life choices, as long as they are smart (according to God). Our spiritual success is earned through enduring!
COMPOUND EFFECT (TIME) 2 Timothy 4:6-8 6For I am already being poured out as a drink offering, and the time of my departure is at hand.7I have fought the good fight, I have finished the race, I have kept the faith.8Finally, there is laid up for me the crown of righteousness, which the Lord, the righteous Judge, will give to me on that Day, and not to me only but also to all who have loved His appearing.
COMPOUND EFFECT (TIME) 2 Timothy 3:14 14But you must continue in the things which you have learned and been assured of, knowing from whom you have learnedthem,15and that from childhood you have known the Holy Scriptures, which are able to make you wise for salvation through faith which is in Christ Jesus.
COMPOUND EFFECT (TIME) Galatians 6:9 9And let us not grow weary while doing good, for in due season we shall reap if we do not lose heart.
COMPOUND EFFECT (TIME) James 1:21-25 21Therefore lay aside all filthiness and overflow of wickedness, and receive with meekness the implanted word, which is able to save your souls.22But be doers of the word, and not hearers only, deceiving yourselves.23For if anyone is a hearer of the word and not a doer, he is like a man observing his natural face in a mirror;24for he observes himself, goes away, and immediately forgets what kind of man he was.25But he who looks into the perfect law of liberty and continues in it,and is not a forgetful hearer but a doer of the work, this one will be blessed in what he does.
WHATS THE BIGGEST CHALLENGE? The most challenging aspect of the CE is that we have to keep working away for a while, consistently and efficiently, before we begin seeing the payoff. We might not see our reward / payoff in this life, but the reward will be worth it!
NOTABLE POINTS The key to success is this: are you learning each day? Your life is a result of your moment to moment choices. A daily routine build on good habits is the difference between success and everyone else.
Are your choices aligning with Gods Word? Is your behavior and action aligning with God s Word? Are your habits rooted in God s Word? Are you remaining strong in the faith?
